Remittances, Capital Flows and Financial Development during the Mass Migration Period, 1870-1913
AbstractThis paper addresses the question whether the substantial financial flows received by emigration countries in the four decades running up to World War I contributed to domestic financial development in peripheral Europe. We quantify a sizable and significant relation between remittances and measures of development of the financial sector that is both larger than the contribution of other international capital flows and than the best estimates of the same relation in our days. Given that financial development is regularly included among the conditions for economic growth and catch up of developing nations, this paper adds to our understanding of the multiple impacts of the mass migration phenomenon on the economies of emigration countries.
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Bibliographic InfoPaper provided by CEPII research center in its series Working Papers with number 2009-12.
Date of creation: Jun 2009
Date of revision:
International migration; remittances; financial development;
Other versions of this item:
- Esteves, Rui & Khoudour-Castéras, David, 2011. "Remittances, capital flows and financial development during the mass migration period, 1870–1913," European Review of Economic History, Cambridge University Press, vol. 15(03), pages 443-474, December.
- F24 - International Economics - - International Factor Movements and International Business - - - Remittances
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-23 (All new papers)
- NEP-FDG-2010-01-23 (Financial Development & Growth)
- NEP-HIS-2010-01-23 (Business, Economic & Financial History)
- NEP-MIG-2010-01-23 (Economics of Human Migration)
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